1. State the minimum monthly income and hourly wage per worker needed to cover monthly expenses for the family you used in part A. Then, explain how to calculate the hourly wage based on the monthly income and state the hourly wage. Assume that each full-time worker works four 40-hour work weeks per month, and each part-time worker works two 40-hour weeks per month. (10 points) 2. Keeping all other criteria the same, add a child to the family you used in part a to determine the monthly expenses.
- How does an additional child impact the family budget and hourly wage?
- Which category was least affected by this change?
- Explain why you think there was little impact to this category.